SoftBank Group Corp (SFTBY) is the parent company of chip company Arm. On Saturday, the chip designer announced that it has filed with regulators for a listing on the U.S. stock market. Despite a slump in public listings Arm has gone ahead with its confidential filing. It is expected to be the biggest initial public offering (IPO) in 2023.
In March, SoftBank had proposed a blockbuster offering of Arm in the U.S. stock market. Early in the year, it showed a disinclination to list in London, despite a campaign by the British government and said that it would list on a U.S. exchange. Masayoshi Son led SoftBank had considered a public listing after its $40 billion deal with chip maker Nvidia did not proceed forward due to objections from antitrust regulators in the U.S. and in Europe.
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According to a report in Reuters, Arm is planning to sell its shares on the Nasdaq. The offering is expected to take place later in 2023. It is expected to raise about $8 billion to $10 billion. Earlier, the outlet had reported that Arm was planning an IPO. However, the size of the offer and the price range have not been mentioned.
Sources told the outlet that both the timing of the IPO and the size of the offering were subject to market conditions. They did not want to be identified as the matter is confidential.
Arm has seen good business in the broader chip industry despite a slowdown. It generated higher royalty payments by focusing on data center servers and personal computers (PCs). It reported a 28 percent increase in sales in its most recent quarter.
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Earlier on Thursday, Arm and giant chip maker Intel had announced a collaboration. This will also boost the revenues of the chip designer and the chip maker. Arm’s expected increase in earnings will also help the parent of SoftBank as it has seen a slump in earnings due to a fall in value of its holdings in several tech startups.
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SoftBank Closes in on $40 Billion Deal to Sell Arm Holdings to Nvidia
